PARSIPPANY, N.J. (February 15, 2017) -- Wyndham Worldwide Corporation (NYSE: WYN) today announced results for the three months and year ended December 31, 2016.
RESULTADOS OPERATIVOS DEL CUARTO TRIMESTRE DE 2016
Fourth quarter revenues were $1,3 billion, up 1% compared with the prior year period. Full reconciliations of GAAP results to non-GAAP measures for all reported periods appear in the tables to this press release.
Net income for the fourth quarter of 2016 was $164 million compared with $140 million for the fourth quarter of 2015. Diluted earnings per share (EPS) increased 26% to $1,53 per diluted share compared with $1,21 for the prior year period. Adjusted net income for the fourth quarter of 2016, which excludes charges and gains in both 2016 and 2015 as detailed in Table 7 of this press release, was $146 million compared with $113 million for the fourth quarter of 2015. Adjusted diluted EPS increased 38% to $1,35 from $0,98 per diluted share in the prior year period. Adjusted net income and EPS benefited from earnings growth across all of our businesses. EPS also benefited from the Company's share repurchase program.
Fourth quarter EBITDA was $322 million, compared with $275 million in the prior year period, an increase of 17%. Adjusted EBITDA, which excludes charges and gains in 2016 and charges in 2015 as detailed in Table 8 of this press release, was $318 million, compared with $273 million in the prior year period, an increase of 16%.
"In 2016, we delivered earnings growth and free cash flow that were both in line with our targets despite headwinds from a higher provision for loan losses and foreign exchange rates," said Stephen P. Holmes, chairman and CEO. "We achieved these results through consistent execution, careful expense management, and continued disciplined capital allocation."
RESULTADOS OPERATIVOS DEL EJERCICIO COMPLETO 2016
Revenues for full year 2016 were $5,6 billion, an increase of 1% over the prior year.
Net income for full year 2016 was $611 million compared with $612 million for full year 2015. Diluted EPS increased 8% to $5,53 from $5,14 per diluted share in the prior year. Adjusted net income for full year 2016, which excludes charges and gains in both 2016 and 2015 as detailed in Table 7 of this press release, was $636 million compared with $608 million for full year 2015. Adjusted diluted EPS increased 13% to $5,75 from $5,11 in the prior year period. Adjusted net income and EPS benefited from earnings growth across all of our businesses. EPS also benefited from the Company's share repurchase program.
Full year 2016 EBITDA was $1.331 million, compared with $1.266 million in the prior year, an increase of 5%. Adjusted EBITDA, which excludes charges and gains in 2016 and charges in 2015 as detailed in Table 8 of this press release, was $1.373 million. This compares with $1.297 million in the prior year, an increase of 6%. On a currency-neutral basis and excluding acquisitions, adjusted EBITDA increased 7%.
For the twelve months ended December 31, 2016, net cash provided by operating activities was $973 million, compared with $991 million in the prior year period. The decrease reflects unfavorable currency movements of $48 million, including a $24 million devaluation of the Venezuelan bolivar in the first quarter of 2016.
Free cash flow was $782 million for the twelve months ended December 31, 2016, compared with $769 million for the same period in 2015, reflecting lower capital expenditures that were partially offset by the unfavorable currency movements referenced above. La compañía define el flujo libre de efectivo como el efectivo neto producido por actividades operativas menos los gastos de capital.
FOURTH QUARTER 2016 BUSINESS UNIT RESULTS
Revenues were $316 million in the fourth quarter of 2016, compared with $314 million in the fourth quarter of 2015. Revenues reflected higher franchise fees and growth in the Company's Wyndham Rewards credit card program, partially offset by lower reimbursable property management revenues.
EBITDA was $99 million in the fourth quarter compared with $94 million in the prior year quarter. Adjusted EBITDA grew 6% to $99 million. In constant currency and excluding acquisitions, adjusted EBITDA increased 8%. This reflects the higher franchise fees and growth in the Company's Wyndham Rewards credit card program.
Fourth quarter domestic same store RevPAR increased 2,9%. Excluding oil markets, domestic same store RevPAR increased 3,7%. In constant currency, total systemwide same store RevPAR increased 2,7% compared with the fourth quarter of 2015, which reflects softness in domestic and Canadian oil markets.
As of December 31, 2016, the Company's hotel system consisted of over 8.000 properties and over 697.600 rooms, a 2,9% net room increase compared with year-end 2015. The development pipeline increased to more than 1.110 hotels and approximately 138.300 rooms, of which 60% were international and 67% were new construction.
Revenues were $317 million in the fourth quarter of 2016, compared with $310 million in the fourth quarter of 2015, an increase of 2%. In constant currency and excluding acquisitions, revenues increased 3%.
Vacation rental revenues were $151 million compared with $144 million in the prior year quarter. In constant currency and excluding the impact of acquisitions, vacation rental revenues were up 5%, reflecting a 5,3% increase in transaction volume, which benefited from enhanced yield management as well as capacity increases across our Denmark-based Novasol brand and our U.K. cottage and parks brands. Average net price per rental was flat.
Exchange revenues were $145 million compared with $146 million in the prior year quarter. In constant currency, exchange revenues grew 1% as exchange revenue per member increased 0,4% and the average number of members increased 0,2%.
EBITDA was $53 million in the fourth quarter, compared with $44 million in the prior year quarter. Adjusted EBITDA increased $9 million to $52 million for the fourth quarter of 2016, which reflects the revenue gains from continued strong vacation rental performance and lower costs.
Revenues were $705 million in the fourth quarter of 2016, compared with $706 million in the fourth quarter of 2015.
Gross VOI sales in the fourth quarter of 2016 were flat, impacted by sales office closures from a restructuring and Hurricane Matthew. The number of new owners added during the quarter was up 8% from the prior year quarter. Volume per guest was up 0,4% and tour flow declined 1,5%, reflecting the closure of sales sites as noted above.
EBITDA was $182 million in the fourth quarter compared with $174 million in the prior year quarter. Adjusted EBITDA was $191 million for the fourth quarter of 2016, an increase of 10% compared with the prior year quarter, due to lower costs.
- La Junta de directores de la compañía autorizó un aumento del dividendo trimestral en efectivo de $0,5 a $0,58 por acción, a partir del dividendo que se estima se declarará en el primer trimestre de 2017.
- The Company repurchased 2,1 million shares of common stock for $150 million during the fourth quarter of 2016 at an average price of $70.34. Desde el 1 de enero al 14 de febrero de 2017, la compañía recompró un adicional de 1 millones de acciones por $75 millones.
- Net interest expense in the fourth quarter of 2016 was $32 million, compared with $35 million in the fourth quarter of 2015. This reflects a larger proportion of lower cost variable debt partially offset by higher debt levels.
- Depreciation and amortization in the fourth quarter of 2016 was $65 million, compared with $61 million in the fourth quarter of 2015, reflecting new projects that were placed into service.
Información sobre el balance al 31 de diciembre de 2016:
- Efectivo y el equivalente de efectivo de $185 millones, en comparación con $171 millones al 31 de diciembre de 2015
- Contratos por propiedades vacacionales a cobrar, neto, por $2,8 miles de millones, en comparación con los $2,7 miles de millones al 31 de diciembre de 2015
- Propiedades vacacionales y otros bienes de cambio por $1,4 miles de millones, en comparación con $1,3 miles de millones al 31 de diciembre de 2015
- Deuda por propiedades vacacionales garantizadas de $2,1 miles de millones, que no registra cambios desde 31 de diciembre de 2015
- Deuda a largo plazo de $3,4 miles de millones, en comparación con los $3,1 miles de millones al 31 de diciembre de 2015 The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1,1 billion as of December 31, 2016, compared with $1,4 billion at December 31, 2015.
A schedule of debt is included in Table 12, available via this link: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzY2NzM1fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636227016077355736
Nota a los editores: la guía no incluye las posibles recompras futuras de acciones, mientras las estimaciones de los analistas a menudo incluyen la recompra de acciones. Esto da como resultado discrepancias entre la guía de la compañía y las estimaciones de consenso de la base de datos.
The Company provides the following guidance for the full year 2017:
- Revenues of approximately $5,8 billion to $5,95 billion
- Adjusted net income of approximately $637 million to $658 million
- Adjusted EBITDA of approximately $1,41 billion to $1,44 billion
- Adjusted diluted EPS of approximately $5,9 to $6,1 based on a diluted share count of 108 million
In determining adjusted EBITDA, adjusted net income and adjusted EPS, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures. A description of the adjustments that have been applicable for the reported periods in determining adjusted net income, adjusted EBITDA and adjusted EPS are reflected in Tables 7 and 8 of this press release. The Company is providing an outlook for net income, EPS and EBITDA only on a non-GAAP basis because the Company is unable to predict with reasonable certainty the totality or ultimate outcome or occurrence of these adjustments for the outlook period, which can be dependent on future events that may not be reliably predicted. See Table 10 for certain non-GAAP information concerning the outlook period.
The Company will post full guidance information on its website following the conference call.
INFORMACIÓN DE LA LLAMADA EN CONFERENCIA
Wyndham Worldwide Corporation will hold a conference call with investors to discuss the Company's results, outlook and guidance on Wednesday, February 15, 2017 at 8:30 a.m. ET. Listeners can access the webcast live through the Company's website at http://www.wyndhamworldwide.com/investors/. The conference call may also be accessed by dialing 888-632-3384 and providing the pass code "WYNDHAM." Se solicita a los interesados llamar por lo menos con 10 minutos de anticipación a la hora de inicio señalada. An archive of this webcast will be available on the website for approximately 90 days beginning at 12:00 p.m. ET on February 15, 2017. A telephone replay will be available for approximately 10 days beginning at 12:00 p.m. ET on February 15, 2017 at 800-839-0866.
PRESENTACIÓN DE LA INFORMACIÓN FINANCIERA
La información financiera a la que se refiere este comunicado de prensa incluye medidas que no son GAAP, las que incluyen o excluyen ciertos rubros. These non-GAAP measures differ from reported GAAP results and are intended to illustrate what management believes are relevant period-over-period comparisons and are helpful to investors as an additional tool for further understanding and assessing the Company's ongoing operating performance. Exclusion of items in the Company's non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring. Full reconciliations of GAAP results to the comparable non-GAAP measures for the reported periods appear in the financial tables section of the press release.
ACERCA DE WYNDHAM WORLDWIDE
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130.000 places to stay across more than 110 countries on six continents, Wyndham Worldwide and its 38.000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company's re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. Para obtener más información, visite www.wyndhamworldwide.com.
Este comunicado de prensa contiene "declaraciones futuras" en lo que se refiere a la Sección 21E de la ley reguladora del mercado de valores de 1934, y sus modificaciones, que conllevan las expectativas de la gerencia en cuanto al futuro en base a los planes, estimaciones y proyecciones al momento en que la compañía hace las declaraciones. Las declaraciones futuras incluyen los riesgos conocidos y desconocidos, incertidumbres y otros factores, que provocan los resultados, el desempeño o los logros actuales de la compañía que pueden ser significativamente diferentes de los resultados, el desempeño y los logros futuros expresos o implícitos en dichas declaraciones futuras. The forward-looking statements contained in this press release include statements related to the Company's revenues, earnings, cash flow, dividends, and related financial and operating measures.
Se alerta a los lectores a no confiar en forma desmedida en estas declaraciones futuras, las que incluyen consideraciones solo a la fecha de este comunicado de prensa. Los factores que pueden provocar una diferencia en los resultados reales con respecto a los incluidos en las declaraciones futuras incluyen las condiciones económicas generales, el desempeño de los mercados financieros y crediticios, el ambiente económico de la industria hotelera, los efectos de posibles guerras, actividad terrorista o conflictos políticos, riesgos operativos asociados al hotel, al intercambio y alquileres vacacionales y a los negocios de propiedades vacacionales, al igual que aquellos descritos en la Memoria de la compañía en el formulario 10-K, presentado en la SEC el 12 de febrero de 2016. Salvo por la obligación de la compañía de divulgar información importante según lo establecido por las leyes federales sobre valores, no implica obligación de publicar revisiones de declaraciones futuras, informar eventos o el acontecimiento de eventos no previstos.
Tables available via this link: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzY2NzM1fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636227016077355736
Investor and Media Contacts:
Margo C. Happer
Vicepresidente senior, Relaciones con inversores
Wyndham Worldwide Corporation
Vicepresidente, Relaciones con inversores
Wyndham Worldwide Corporation